Near Term Trend: Positive to Neutral
Friday’s Close: $1,341.70 (- $4.20)
UPDATE: Nine weeks ago we cautioned Gold might be overbought. Three weeks ago we highlighted, “Key near term support is currently $1,315.00, based on our uptrend line dating back to last December. A daily settlement below that point could be a tipping point for much more concerted selling”.
As of a week ago Gold settled below $1,315.00 by roughly $5.00. As per we suggested; Aggressive traders should have at the $1,320.00 region.
Keep buy stop at $1,254.00 close only.